Sinochem International Corp.to Issue Convertible Bonds

摘要

On November 28th,2006 Sinochem International Corporation (SH:600500)announces that it will issue approximately RMB1.2 billion separate transaction convertible bonds soon.The scheme has been approved by China Securities Regulatory Commission.Of the Sinochem International Corp's funds raised,RMB400 million - RMB540 million will be put in its subsidiary Hainan Sinochem Shipping Co.,Ltd.for purchasing/building two 10 000 - 20 000 tonnage IMO II ships for liquid chemicals,RMB240 million will be used in its subsidiary Shanghai Safe-Transport Chemical Logistics Co.,Ltd.for buying 1 000 ISO tanks,RMB120 million will be spent in its controlling subsidiary Yunnan Banna Sinochem Anlian Rubber Co.,Ltd.,to build an international standard rubber processing plant with a capacity of 40 000 t/a radial tires,RMB60 million will be put in setting up a new 60:40 joint venture Tianjin Port Sinochem International Danger Logistics Co.,Ltd.with Tianjin Port Container Transportation Co.,Ltd.